Statement By Real Estate Board of New York President John H. Banks on New York State Rent Regulation Legislation

“The legislation put forward last night will be a disaster for the City's future.  By eliminating vacancy bonuses, and all but eliminating MCIs and IAIs, the Governor and the Legislature are consigning hundreds of thousands of tenants to buildings that soon fall into disrepair. The manner in which the bill eliminates vacancy decontrol will have a significant adverse impact on the City's production of new affordable housing. The end result will be that the City's housing crisis will get worse, with higher vacancy rates, less affordable housing and little relief for those New Yorkers who need the most help paying the rent.  The Governor and Legislature have a choice: they can work collaboratively to change the legislation and pass responsible reforms or pass the bill and worsen the City's housing crisis.” – John H. Banks